东吴证券研报指出，12月28~29日，贵州茅台酒、茅台酱香酒全国经销商联谊会先后在贵阳召开，主题 均为"坚持以消费者为中心"。12月30日，i茅台公众号发布通知，2026年将新增提供500ml茅台经典系列 产品。2026年，公司进一步明确产品功能及价格定位，将夯实500ml飞天"塔基"优势；做强精品、生肖 等"塔腰"产品，精品打造2000元价位大单品，生肖则突出收藏属性；陈年、文化类"塔尖"产品，强调稀 缺价值。该行预计2026年茅台酒投放向500ml飞天、精品2大单品聚焦。茅台酱香酒打造"2+N"产品体 系，科学规划产品投放。公司2026年调整方向务实、思路清晰，多元、扁平的"森林式"渠道生态有助于 更好挖掘大众需求，价格体系随行就市、防止炒作也有利于动销尽早筑底企稳。维持"买入"评级。 ...

12月28日—29日，2026年贵州茅台（600519）酒全国经销商联谊会、2026年贵州茅台酱香酒全国经销商 联谊会先后在贵阳召开。 "十五五"即将到来，白酒行业调整期仍在持续，作为构成贵州茅台上千亿元"盘子"的两大业务板块，茅 台酒、酱香酒来年如何推进经营变革，备受各界关注。一个佐证是，今年参会经销商总数创下历年新 高。 茅台推进转型的决心，从两场会议的主题便可见端倪——本届茅台酒经销商联谊会的主题为"坚持以消 费者为中心，全面推进茅台酒营销市场化转型"，本届酱香酒经销商联谊会的主题为"坚持以消费者为中 心，夯实渠道韧性，同心聚力赢未来"。 茅台集团党委书记、董事长，茅台酒股份公司党委书记、董事长陈华表示，希望全体渠道商朋友与茅台 一道，清醒认识当前之"时"的挑战，主动拥抱长远之"势"的机遇，转变观念，调整心态，积极拓展新客 群、发现新场景，不断提升触达消费端、服务客户的能力和水平。 在产品、渠道、服务等方面，茅台酒、酱香酒都提出了进一步市场化转型的思路和具体举措。 茅台酒方面，2026年市场营销工作将"以消费者为中心、推进市场化转型"作为首要任务，目的是通过一 系列市场化改革措施，让消费者能够公平、快捷 ...

在"以消费者为中心"以及"市场化为导向"之下，茅台酱香酒2026年的市场营销工作得到了"定调"。 12月29日，2026年茅台酱香酒全国经销商联谊会在贵阳召开，南都湾财社-酒水新消费指数课题组记者 在现场注意到，贵州茅台对酱香酒的市场营销工作进行定调。 茅台集团党委书记、董事长陈华表示，明年茅台酱香酒重点要围绕"以消费者为中心"和"市场化"目标， 坚持厂商协同发力、线上线下融合发展，全力推动系列酒产品结构更加聚焦，产品价格更加合理，服务 水平大幅提高，品牌势能显著增强，渠道网络更具韧性，努力构建市场化程度高、抗风险能力强的良好 格局。 据南都湾财社记者了解，茅台酱香酒是上市公司贵州茅台的"第二曲线"，经过10多年时间发展，其市场 规模已在200亿元（截至2024年底）以上。不过在2025年白酒深度调整期下，茅台酱香酒在市场渠道、 动销等方面受到一定影响。 回顾2025年全年表现，陈华表示，在市场多重挑战下，茅台主动降速纾解渠道压力，与渠道商同心承 压、聚力奋进，推动茅台酱香酒在复杂形势下取得新成绩。 陈华介绍，茅台酱香酒的业绩突破主要体现在四方面：一是行业排名跃升，稳步迈入行业头部阵营；二 是产品表现亮眼，茅 ...

近日，贵州茅台（600519）在官网发布关于聘任2026年度酱香酒营销顾问团成员的公示。根据《茅台酱 香酒营销顾问团管理办法》，按照酱香酒公司第二十四次党委会、第二十四次总经理办公会精神，拟聘 40家系列酒经销单位的主要负责人为2026年度贵州茅台酒股份有限公司酱香酒营销顾问团成员。 根据拟聘名单，相关系列酒经销商单位包括乾坤福商贸有限公司、北京朝批商贸股份有限公司、百川名 品供应链（上海）有限公司、安徽吉创名品供应链管理有限公司、山东新星集团有限公司、山东宝真国 际酒业有限公司、河南茅酱酒业销售有限公司等知名企业。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage & commercial sectors [9][56] Core Insights - The white liquor sector is showing signs of bottoming out, with market sentiment improving, presenting a good opportunity for low-level positioning. Recent CPI recovery and consensus on destocking, along with the Double 11 shopping festival, have contributed to this trend. The Federal Reserve's dovish signals on November 21 have also created favorable conditions for the market [5][54] - Long-term prospects for leading liquor companies are promising due to their strong risk resistance and increasing market concentration, supported by domestic demand policies and recovering consumer sentiment. The industry is still in a destocking phase, with demand at a low point [5][54] - The consumer goods sector is experiencing structural differentiation, with the snack food segment remaining robust and soft drink leaders maintaining stability during the off-season. The dairy sector is approaching a supply-demand improvement point, while the restaurant industry is shifting from incremental to stock competition due to demand pressure [55] Summary by Sections Industry News - From January to October, white liquor production decreased by 11.5% [16] - The overall sentiment in the sector is improving, driven by the upcoming holiday season and promotional activities [5][54] Company News - Guizhou Moutai has initiated its annual meeting season for Moutai liquor [4] - Wuliangye is launching a new zodiac-themed product for the Year of the Horse [4] Key Company Feedback - The report highlights key companies with strong long-term investment value, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more flexible stocks like Jiu Gui Jiu and Shede Liquor [5][54][57] Core Data Trends - The cumulative production of white liquor in 2024 is projected at 4.145 million tons, a decrease of 7.72% year-on-year, while industry revenue is expected to reach 796.4 billion yuan, an increase of 5.3% [32][33]

Core Insights - The article discusses the "Tian Di Wei Yu" 2025 Chishui River Forum and the Yisi Year Moutai Festival held in Moutai Town, which represents a deep exploration of the future of the liquor industry, combining tradition and modernity [2] - Moutai, as a leading company in the Chinese liquor industry, aims to create a new platform that connects history with the future and local with global [2] - The events highlight the urgent need for high-quality development in the liquor industry amidst ongoing adjustments [2] Group 1: Forum Insights - The "Tian Di Wei Yu" concept, derived from Confucian philosophy, emphasizes the harmonious coexistence of natural, industrial, and consumer ecosystems in the liquor industry [4] - The forum featured three sub-forums focusing on youth engagement, globalization, and technological advancement to address high-quality development challenges [5] - The "Embracing Z Generation" sub-forum explored how to connect with younger consumers, emphasizing that they are not rejecting liquor but rather traditional drinking scenarios [6][8] Group 2: Cultural and Traditional Aspects - The Moutai Festival serves as a cultural anchor, celebrating the heritage of Moutai through traditional rituals and experiences [14] - The festival included a "Master-Apprentice Ceremony," symbolizing the transmission of brewing skills and the importance of craftsmanship [16] - The release of the "Oral History of Moutai Brewing Techniques" book during the festival highlights the significance of preserving intangible cultural heritage [18] Group 3: Technological Innovations - The forum showcased advancements in digitalization within the liquor industry, including the use of AI in traditional brewing processes [13] - Moutai is working on a project aimed at integrating digital technology with traditional brewing methods, set to conclude in 2025 [13] - The "Digitalization of the Liquor Industry" sub-forum highlighted the potential of technology to revitalize traditional practices [11]

Core Insights - The forum focused on the theme "Media Empowering National Brands, Creating Youth in Industry Together," highlighting the integration of media industry trends with the development of national brands [1][3][13] Industry Trends - The forum was hosted by the China Broadcasting and Television Social Organization Federation, emphasizing the need for the broadcasting industry to innovate and upgrade to empower national brands [3][5] - A presentation by a professor from Peking University discussed the opportunities and challenges in the media industry under the backdrop of media convergence [7] - Insights into the Chinese advertising market's hotspots and marketing trends were shared, indicating a shift in industry dynamics [8] Company Initiatives - Guizhou Moutai's marketing representatives emphasized the brand's commitment to quality and cultural connection through media empowerment [5][8] - Case studies presented by various media organizations showcased innovative practices in the health and wellness sector, traditional media transformation, and cross-platform engagement [10] Collaborative Actions - A media action ceremony was initiated by representatives from various broadcasting organizations, marking a new phase of collaboration between media and national brands [11] - The forum concluded with a consensus on the collaborative development between media and national brands, aiming to enhance the global presence of brands like Moutai [13]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10][59]. Core Insights - The feedback from the recent Nanjing Autumn Sugar Fair was relatively flat, with major liquor companies showing low enthusiasm for participation. The focus is shifting towards consumer engagement through live streaming and other sales models [6][57]. - The white liquor sector is experiencing a demand bottoming phase, with inventory levels still relatively high. The report suggests focusing on high-dividend leaders like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks that have corrected to appropriate levels [6][57]. - The consumer sector is rebounding, driven by market sentiment towards domestic demand policies amid U.S.-China tariff impacts. Companies in the snack food sector, such as Yanjin and Weidong, are benefiting from increased market penetration and revenue growth [7][58]. Summary by Sections Industry News - From January to August, the export value of Zunyi liquor increased by 776.17% year-on-year. In September, liquor prices fell by 1.3% year-on-year, and the Hubei liquor market reached a scale of 35 billion yuan [5][17][19]. Company News - Kweichow Moutai reported a significant recovery in terminal sales for its sauce-flavored liquor in September. Luzhou Laojiao held a 110th anniversary event, continuing to lead the vintage liquor market [19]. Key Company Feedback - The report highlights the performance of key companies, with a focus on their stock price movements and earnings forecasts. For instance, Kweichow Moutai's stock price is at 1455.00 yuan, with an EPS forecast of 68.64 for 2024 [60]. Industry Data Trends - The white liquor industry saw a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while industry revenue reached 796.4 billion yuan, an increase of 5.3% year-on-year [34][36]. Investment Strategy - The report emphasizes the importance of focusing on companies with long-term value and high dividends in the white liquor sector, while also highlighting the potential in the snack food and beverage sectors due to changing consumer preferences and market dynamics [58][59].

Core Insights - The food and beverage sector is showing multiple key signals of recovery, supported by leading companies' market updates and broker opinions, providing clear reference directions for investors [1] - Guizhou Moutai's recent marketing meeting highlighted positive market feedback and analysis, indicating a stabilization in the market from June to August, with a noticeable recovery in sales activity from September [1] Company Performance - Guizhou Moutai's core product, Moutai 1935, has shown significant year-on-year sales growth, with a healthy channel inventory ratio, demonstrating strong market resilience and competitive strength [1] - The company is a major holding in the food and beverage ETF, accounting for 14.8% of the portfolio, indicating its importance in the sector [2] Market Outlook - CITIC Construction pointed out that national policies promoting reduced competition are beneficial for price stabilization, which is expected to support high-quality development and improve market expectations for future economic growth and consumption [1] - The food and beverage sector is currently at a low valuation, presenting a favorable investment opportunity, as evidenced by the food and beverage ETF attracting significant capital inflows of 814 million yuan over the past four trading days [2]

Group 1 - Moutai has initiated a deep collaboration with Meituan, launching over 900 stores on the Meituan flash purchase platform, marking its entry into the instant retail sector [1][3] - Other liquor brands such as Wuliangye and Guojiao are also participating, with high-value products achieving an average delivery time of just 28 minutes during the "618" shopping festival [2][5] - The instant retail sector is seeing a surge in food and beverage products, with companies like Yiming attracting orders through instant delivery, reporting a revenue of 1.401 billion yuan in the first half of the year, a year-on-year increase of 2.12% [1][8] Group 2 - Xiangpiaopiao is transforming its business model to focus on ready-to-drink tea, with a pop-up store trial that has led to an 8% increase in ready-to-drink revenue, now accounting for 30% of total income [1][14] - Nai Si has launched a home cleaning kit with a one-hour delivery service, with cleaning products now making up over 10% of sales through instant retail channels [1][14] - The competition in instant retail is reshaping channel dynamics, with companies needing to adapt to new consumer demands and delivery expectations [9][15]